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REGISTERED NUMBER: 03937006 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023

FOR

FERRARI'S COUNTRY HOUSE LIMITED

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FERRARI'S COUNTRY HOUSE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023







DIRECTOR: Mrs S Ferrari





SECRETARY: Mrs S Ferrari





REGISTERED OFFICE: Ferrari's Country House
Chipping Road, Thornley
Preston
Lancashire
PR3 2TB





REGISTERED NUMBER: 03937006 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

BALANCE SHEET
31 MARCH 2023

31/3/23 5/4/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 108,962 92,323
108,962 92,323

CURRENT ASSETS
Stocks 6 15,000 10,000
Debtors 7 550,586 523,463
Cash at bank and in hand 20,422 19,345
586,008 552,808
CREDITORS
Amounts falling due within one year 8 328,190 309,362
NET CURRENT ASSETS 257,818 243,446
TOTAL ASSETS LESS CURRENT
LIABILITIES

366,780

335,769

CREDITORS
Amounts falling due after more than one
year

9

(48,673

)

(39,691

)

PROVISIONS FOR LIABILITIES (19,368 ) (15,395 )
NET ASSETS 298,739 280,683

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Retained earnings 297,639 279,583
SHAREHOLDERS' FUNDS 298,739 280,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





Mrs S Ferrari - Director


FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023

1. STATUTORY INFORMATION

Ferrari's Country House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being written off evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Improvement to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore has adopted the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 26 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 6 April 2022
and 31 March 2023 8,000
AMORTISATION
At 6 April 2022
and 31 March 2023 8,000
NET BOOK VALUE
At 31 March 2023 -
At 5 April 2022 -

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 6 April 2022 17,503 671,179 19,054 26,223 733,959
Additions - 4,126 33,450 - 37,576
Disposals - - (19,054 ) - (19,054 )
At 31 March 2023 17,503 675,305 33,450 26,223 752,481
DEPRECIATION
At 6 April 2022 15,770 583,980 16,337 25,549 641,636
Charge for period 260 13,432 4,175 625 18,492
Eliminated on disposal - - (16,609 ) - (16,609 )
At 31 March 2023 16,030 597,412 3,903 26,174 643,519
NET BOOK VALUE
At 31 March 2023 1,473 77,893 29,547 49 108,962
At 5 April 2022 1,733 87,199 2,717 674 92,323


6. STOCKS
31/3/23 5/4/22
£    £   
Stocks 15,000 10,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 5/4/22
£    £   
Other debtors 550,586 523,463

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 5/4/22
£    £   
Other loans 9,768 9,527
Hire purchase contracts (see note 10) 7,500 12,250
Tax 54,252 44,235
Social security and other taxes 10,487 61,137
VAT 175,321 97,990
Creditors and accruals 70,862 84,223
328,190 309,362

FERRARI'S COUNTRY HOUSE LIMITED (REGISTERED NUMBER: 03937006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 6 APRIL 2022 TO 31 MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 5/4/22
£    £   
Other loans - 1-2 years 10,015 9,768
Other loans - 2-5 years 19,908 29,923
Hire purchase contracts (see note 10) 18,750 -
48,673 39,691

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/3/23 5/4/22
£    £   
Net obligations repayable:
Within one year 7,500 12,250
Between one and five years 18,750 -
26,250 12,250

Non-cancellable operating leases
31/3/23 5/4/22
£    £   
Within one year 16,194 -
Between one and five years 51,631 -
In more than five years 53,295 -
121,120 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 5/4/22
value: £    £   
1,000 Ordinary £1 1,000 1,000
30 Ordinary A £1 30 30
30 Ordinary B £1 30 30
15 Ordinary C £1 15 15
15 Ordinary D £1 15 15
10 Ordinary E £1 10 10
1,100 1,100

12. RELATED PARTY DISCLOSURES

The director of Ferrari's Country House Limited is also a partner of The Ferrari Partnership. During the year Ferrari's Country House Limited have rented property from The Ferrari Partnership in the amount of £150,000. Included within other debtors as at 31 March 2023 is an amount of £529,899 (2022: £501,147) due from The Ferrari Partnership.